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Senator moves to delay new debit card fee rules

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A battle over the fees that banks charge merchants for debit cards intensified Wednesday after Democratic Sen. Jon Tester of Montana maneuvered for quick action on his legislation imposing a two-year delay for new government rules, Reuters reported. Tester’s amendment to a small business bill being debated in the Senate would put off rules proposed by the Federal Reserve, which would cap the fees at about 12 cents per transaction — a 75 percent cut. The cap, required under last year’s Dodd-Frank financial reform law, is opposed by card networks Visa Inc. and MasterCard Inc., as well as big banks such as Citigroup and JPMorgan Chase & Co. Tester and other backers of the measure face an uphill battle to even schedule a Senate vote on the debit card fee amendment.